Everything Flashcards
What Medronic device for chronic pain was approved in March 2019?
Medronic received FDA clearance for its Accurian radiofrequency ablation system for nerve tissues (treatment for chronic pain)
What are the 3 elements of cash flow?
Cash from operations, Fixed assets purchases (PP&E), Financing activities (net borrowings, income tax, sale of stock)
What is cash from operations? What are the two components of cash from operations?
Separate section related to cash flow from operating activities (cash receipts - cash disbursements)
What is net income equation?
Net income = Sales - cost & expenses + non operating income - non operating expenses
What makes an animal a mammal?
Remember W-H-A-L-E. W- Warm blooded, H-Hair, A-Air-breathing, L- Live births, E-Eats or drinks milk
What are two terms for shareholder’s equity?
“Net worth” and “book value”
What are good therapeutic recruiter firms?
Klein Hersh, Accertitute, Catalyst Advisors
What is the mechanism of Tecfidera (chemical?) and what were sales in 2018?
Biogen’s Tecfidera (dimethyl fumarate) is approved for MS and brought in $4.27B in 2018 revenue. They found that Tecfidera hyper “methylates” a genomic site in CD4 T-cells that encodes miR-21, a microRNA critical for producing MS-related T-cells
What is function of fascin-1 and what does inhibition of fascin-1 result in?
Fascin-1 is an actin bundling protein and inhibiting fascin-1 allows for synaptic generation in AD mice (Spinogenix)
What is the prevalence of Alzheimer’s in US and WW now and expected in 2050? What areas (2) is AD most prevalent and (1) least prevalent?
Affects 5M in US, 50M WW (2018), Expected 14M in US and 130M WW by 2050. Prevalence is highest in North Africa and Middle East and least common in Europe.
Costs vs. expenses vs. expenditures
Costs are money paid to making the product (usually includes labor and material), expenses include money used to develop it, sell it, account for it, etc. These both become expenditures when money is sent out to vendors to pay for it.
What is the function of APOE?
APOE shuttles cholesterol and other lipids between cells.
What is the process of inventory to cash?
Finished goods inventory is sold, it becomes an “accounts receivable”, once customer pays - cash
What is Fast Fourier transform (FFT) and why is it used? What is the most common algorithm of FFT used?
This is the most commonly used method for transforming time-varying signal to frequency domain because running time is very slow for discrete fourier transform (since algorithm is quadratic to signal size T). Most common algorithm of FFT is Cooley-Tukey algorithm, which uses divide and conquer strategy to break down DFT into many smaller DFTs.
What are alpha waves? What frequency? What functions are they involved in?
8-12Hz waves suggest brain idling and are indicative of inattentive states or consciously practicing meditation
How does abeta levels and APOE4 status affect cognitive decline inflection point age?
Abeta negative - 78.8 years old
Only Abeta - 69.4 years old
Abeta/APOE4 - 65 years old
What is normal board member frequency? How many times/year? For early and more mature companies?
7.9 meetings/year average
1/month for early companies, 1/2months when more mature
How much did Cadent Therapeutics raise and from who in November 2018?
Cadent Therapeutics raised a $40M Series B led by Cowen Healthcare Partners and Atlas, with participation from QiMing Venture Partners and Novartis Institute for Biomedical Research.
What is “income taxes paid”?
Taxes that are actually paid to the government, doesn’t get put on cash flow statement until actually paid
GeNeuro (March 2019)
Geneva based public company, temelimab in MS (just finished Phase 2b study) - extension study had compelling data, temelimab in CIDP (chronic immunoflammatory demyelination polyneuropathy) - Phase 1, Anti-HERV-W mAb for inflammatory psychosis, Anti-HERV-K mAb for ALS
What is Retained Earnings? When a company has not made a profit, what is the term for retained earnings?
All of the company’s profits that have not been returned to shareholders as dividends. Sum of profits - sum of dividends; This is pool of money that can be used to pay out future dividends. “Negative retained earnings” for company with no profit.
What was the deal between Akili and Shionogi in March 2019?
Akili Interactive made a deal with Shionogi to bring their digital therapeutics to Japan in $20M upfront payment and $105M in potential milestones
What rate are taxes?
34% on pre-taxes income
What type of somatic recombination of APP was discovered and in what lab?
Somatic recombination of APP occurs mosaically as thousands of various genomic cDNA (gencDNA) which included copies that lacked introns or contained intra-exonic junctions, insertions, deletions or SNPs in AD brains. This was discvoered by Jerold Chun in Sanford in La Jolla, CA
How much did EIP Pharma raise and from whom in May 2018? What is their program and where did they get it from?
EIP raised a $20M Series B round from Access Industries. They have neflamapimod (p38a inhibitor) from Vertex for AD
Cash flow (2 types)
Cash flow positive - when cash at end of period is greater than cash at beginning of period; Cash flow negative - when cash at end of period is less than cash at beginning of period
What is a myocardial infarction? What happens biologically to cause one?
Heart attack. Cardiac ischemia occurs when the heart is starved of oxygen by blockage of coronary arteries delivering it to the heart. If this cardiac ischemia lasts too long, the starved heart tissue dies.
What components related to cholesterol (2 studied) when allosterically activated could enhance pTau degradation independent of APP and Abeta? What drug could do this and what is it typically used for? Who’s lab was this discovered?
- Cholesteryl ester (CE) or downstream (CYP46A1). CYP46A1-CE-tau is a druggable axis. Efavirenz (inhibitor of reverse transcriptase of HIV-1 virus). Laurence Goldstein from UCSD.
What is a Multiunit hash (neural hash)?
Signal recorded by an extracellular electrode implanted in the brain that is a mixture of signals from several neighboring neurons, with sounds from closer neurons producing larger amplitude deflections in the recorded signal
What are Cost of goods sold (COGS) and when does it get recorded on income statement?
What you spend when you buy or make products for inventory; only when inventory is sold does its value move from balance sheet to income statement
Liquidation preference (definition)
If a startup liquidates or is acquired, then VC gets back amount they invested or a multiple of that amount before other shareholders (more centrally here, the founders). Liquid preference refers to both preference and the participation.
What is accrual vs. cash basis?
“Operating on an accrual basis” - when income and expenses are measured when transactions occur; “Operating on an cash basis” - measuring when cash is received or spent
What is a non-cash transaction? What is an example?
A transaction where cash is not exchanged. Have no effect on cash flow statement, but do affect income statement and balance sheet. An example is when goods are shipped to customer, no cash is exchanged in the transaction proper, customer pays later
What happens to mitophagy in AD patients? What specific mitophagy markers are affected?
Neuronal mitochondria are smaller and show excessive damage in AD postmortem hippocampal regions. Basal levels of mitophagy were 30-50% lower in AD hippocampus and phosphorylation of key mitophagy markers (TBK1 and ULK1) were reduced in AD iPSCs
What cetaceans are toothed (4)?
Toothed cetaceans include dolphins, porpoises, and whales such as the beaked and sperm whales
What is a company consequence if aducanumab is approved?
Companies will need to pay for aducanumab as SOC.
What effect does IFN-g have on microglia
IFN-g may be able to prime microglia which results in reduced gamma oscillation frequency of 8 Hz. IFN-g results in changes in microglia morphology, expansion and upregulation in MHC-II, CD-86, IL-6, i-NOS, but not TNF-a
What is the underside of a whale’s tail called? Why is it special?
The underneath of a whale’s tail (called the fluke) is like a fingerprint, it is unique to every whale.
What are 4 lifestyle risks for AD?
- Depression
- Low education
- Obesity
- Diabetes
- Smoking
Who is Miles Davis? What jobs did he have (3)?
American jazz trumpeter, bandleader, and composer who was among the most influential and acclaimed figures in the history of jazz and 20th century music.
Statement of changes in financial position - what is it? What 3 components?
“Bridge” between cash from beginning of period to cash from end of period; 1. Cash flow from operations 2. Cash flow from investing (PP&E) 3. Cash flow from financing (selling stock, borrowing money, paying out dividends)
Orders vs. shipments
Orders do not affect financial statements and are when order is placed by customer, shipment is when the item is actually shipped (shipments is equivalent to sales)
How much did Axial Therapeutics raise and from who in March 2019?
Axial Therapeutics raised a $25M Series B round led by Serverture Partners with Domain Associates, Longwood Fund and Heritage Medical Systems participating
Karuna Pharmaceuticals raise, who when, how much?
Raised $42M (August 2018) from ARCH, Wellcome Trust, PureTech Health and Steven Paul
What are fixed assets purchases?
Total cash paid for fixed assets paid in the period (PP&E - property, plant, and equipment)
How does cash basis affect relationship between income and cash flow statements?
They are the same.
What diseases and what percentage of cases is TDP-43 a player?
97% of ALS cases, 45% of FTD, 60% of AD, 60% of chronic traumatic encephalophathy (CTE)
Sage Therapeutics
Sage Therapeutics has a pipeline of GABA modulators; brexanalone is being evaluated by FDA for PPD, 2 Phase 3 drugs for MDD and PPD and a number of early stage drugs in insomnia, bipolar depression, PD and essential tremor
Who is the writer of Hamilton?
Lin-Manuel Miranda
What is second basic equation of accounting?
Sales - cost & expenses = income
What is an estuary?
Estuary is a body of brackish water with rivers flowing into it that meets the open ocean. It is a transition zone of salt and fresh water.
What is ECoG? What are the advantages of ECoG vs. EEG (4)?
Electrocorticography - Technique for recording brain signals that involve placing 1-8 Surface electrodes (2-5mm in diameter) that are surgically placed on the surface of the brain in a grid with a distance of 10mm to 1cm apart and record electrical activity from 10,000s of neurons underneath. Advantages: Has great spatial (tenths of mm vs. cm with EEG), great bandwidth range (0-200Hz vs. 0-40Hz) and greater amplitude (50-100uV vs. 10s of uV), therefore less artifacts due to muscle activity and ambient noise.
What is fMRI? What does it measure and what are its advantages?
Functional magnetic resonance imaging - Non-invasive device that measures changes in blood flow to different regions in the brain (measures BOLD - blood oxygenated level dependent activity). Great spatial resolution (1-3mm), but poor temporal resolution (measurements start 100s of ms after neural activity, peak at 3-6s and end at 20s)
What is total liabilities equation?
Sum of current liabilities and long term debt
Pacira Pharmaceuticals
Exparel (bupivicaine liposomal suspension injection) - local non-opiod analgesic administered at the surgery that results in reduced pain and reduced opiod use for acute post surgical pain
Who is Michael Kahn? How many nominations and times did he win an academy award? Name 5 of his works.
Most respected film editor. 8 nominations and 3 winning academy awards. Editor of Saving Private Ryan, Raiders of the lost ark, Schindler’s list, Lincoln, and almost all of Steven Spielberg’s movies.
Where is Bilal Zubera a partner?
Lux Capital
What percentage of cases have mutations (3) in AD and what are they? What are two genes that are risk factors for AD?
Around 1% of AD cases are mutations in APP, PSEN1, or PSEN2. Certain mutations in APOE and TREM2 can increase risk of developing AD.
What is a flexible array made of and why is it better?
Microelectrodes made of polyimide, parylene, benzocyclobutene rather than silicon which provides a better match to mechanical properties of brain and reduces inflammation
Who did Pacira Pharmaceuticals acquire in March 2019 and what was payment?
Pacira Pharmaceuticals acquired Myoscience (Ionerva - device that injects nitrous oxide to freeze nerves which gives 3 month relief from pain while nerves regenerate for chronic pain) for an upfront payment of $120M and $100M in potential milestones. Should close in April.
Learning how to learn process (1-3 days) (3)?
- Read books - skimmed style (Read introduction, conclusion, read first paragraph of each chapter, read 1-2 pages of each chapter, read first sentence of each paragraph)
- Deconstruct skills
- Identify obstacles and ways to overcome them
What are the 2 spike sorting methods and what do they measure?
Simple - Classify spikes according tp peak amplitude
Window discriminator method - experimenter visually examines data and places windows on aligned recordings of spikes of the same shape, method then assigns all future spikes crossing one or more of these windows to the same neuron
What is a neurochip and what does it do?
A neurochip is a closed-loop battery operated system containing electrodes that is surgically implanted in the brain to record one or more neurons, performs signal processing and other computation on-board the chip, based on signals delivers stimulation to appropriate neurons.
What does a cash flow statement show?
Cash flow statement shows the movement of cash within a given period. Cash at beginning of period + Cash brought it - Cash spent = Cash at end of period
What is standard cost?
Cost/item for manufacturing cost
What types of things does the shareholder representative deal with?
- Escrow
- Working capital adjustments
- Litigation
- Earn outs
Why is the ocean green or blue?
If the ocean is green, it has tons of life and micro-organisms, if the water is crystal blue, not much life.
What was the Abcellera/Denali deal in March 2019?
Denali has the opt in option for antibodies developed for 8 targets for neurodegneration using Abcellera’s microfluidic platform. Abcellera’s antibodies from partnership in 2015 are now in Denali’s preclinical development
How much did Apello Pharmaceuticals raise and from who in June 2018? What programs do they have and where did it come from?
Apello raised $10.5M Series A from Deerfield Management and Mountain Group Partners. They have a positive allosteric modulator of metabotropic glutamate receptor subtype 4 (which controls glutamate and GABA transmission in the brain) for PD. Licensed from Vanderbilt University’s Center for Neuroscience Drug Discovery
What is tardive dyskenisia?
Side effect of antipsychotic drugs (inhibiting dopamine) - leads to stiff, jerky muscle movements of your face and body that you can’t control
What do you need if you want to do an interim analysis?
You need to write it in your protocol
Karuna Pharmaceuticals (Programs and how it relates to Eli Lilly)
Karuna Pharmaceuticals is developing KarXT- xenomeline (M1/M4 muscarinic receptor agonist) + trospium chloride (muscarinic receptor antagonist that doesn’t enter CNS). Eli Lilly was developing xanomeline in the 1990s, but had to stop Phase 2 trial due to >50% drop out rate due to side effects.
What are crampons?
Grid of 2-inch steel spikes clamped to the sole of your shoe to gain traction in the snow
Axial Therapeutics (March 2019)
Targeting gut-brain axis (microbiome play) in PD and Autism (Phase 1 in PD and expected to enter Phase 1b/2a in adolescent ASD in 1Q2019)
What is an early marker of AD pathology that correlates with cognitive decline related to tau? Where has it been shown to accumulate?
pThr231 Tau, shown to accumulate in APP duplication iPSC-derived FAD neurons.
What is the MMSE test and what is its accuracy, sensitivity and specificity?
10 minute paper and pencil assessment. 82% accurate with 80% sensitivity and 94% specificity
Fourier analysis allows input signals to be translated into ______ and then _______. What feature does this then allow you to do? Give an example of this feature.
Amplitude, dominant frequency. Filtering. EEG signals are often corrupted by “line noise” around 60 Hz due to AC power supply, you can use a “notch” filter to remove 60 Hz frequency component of signal
What does xerophytic mean?
Species of plant that has adaptations to survive in an environment with little liquid water, such as a desert or an ice or snow-covered region in the Alps or the Arctic.
What is the role of T-cells in MS?
MS happens when brain homing T-cells mistakenly attack the CNS.
If there is a down round, what can be done to founder’s equity for round and how can it be structured?
Option pool should needs to be increased if founders will get diluted in order to incentivize them, good to make milestone based (vesting) close to original amount
What are net borrowings?
Cash paid to pay off loans or dividends or cash brought in from loans
What was the deal between Axovant and Oxford Biomedica in 2018? What effect did therapy have in 2019?
Axovant bought AXO-Lenti-PD (gene therapy for 3 genes - Tyrosine hydroxylase, aromatic L-amino acid decarboxylase, cyclohydrolase 1 - enzymes crucial for dopamine synthesis) - for $30M upfront payment. 2 Patients showed improvement on UPDRS.
What is shareholder’s equity? What are the two equations? What are the 2 ways each to increase/decrease shareholder’s equity?
Shareholder’s equity is any money coming into the company - it consists of capital stock + retained earnings. Also, total assets - total
liabilities. To increase shareholder’s equity, you can either 1) increase capital stock by raising more money or 2) increase profits (this will increase retained earnings since this equals sum of profits - sum of dividends. To decrease shareholder’s equity, you can either 1) decrease profits or 2) pay out dividends.
Type of company valuations? (5) Describe them.
- Book valuation - Total assets - total liabilities - debt
- Liquidation valuation - if company was liquidated today (using assumptions of fixed/variable costs of products)
- Price-multiple valuation - share price x # of shares x multiple of similar company
- Market valuation - whatever market will pay
- Discounted cash flow - Estimate all future cash (stock sold, dividends paid, etc) and figure out “net present value” - assume with discount rate
What is the NIA-AA Dementia staging system? What are the 6 stages and what functions are associated with them?
1 - Cognitively unimpaired - Performance in expected range
2 -Cognitively unimpaired - Performance in expected range and subjective decline; newly acquired neurobehavioral symptoms
3 - Mild cognitive impairment (MCI) - Performance in impaired range, cognitive decline from baseline in any domain, ADLs independent, but may be less efficient
4- Mild dementia - Substantial cognitive impairment affecting several domains and clearly evident functional impact on daily life, no longer fully independent
5- Moderate dementia - More severe form than 4
6 Severe dementia - More sever form than 5
What Allergan company acquisition in 2015 was not fruitful for depression?
Allergan bought Naurex for $560M upfront payment for repastinel (NMDA drug) for MDD, but this failed 3 Phase 3 clinical trials in 2019.